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The Mantra (OM) token has gained approximately 30% in value over the last 24 hours, attracting significant attention. This sudden spike follows CEO John Mullin’s proposal to completely burn the tokens allocated for the team. Initially, these tokens were scheduled to be gradually released between 2027 and 2029. However, the current focus is on canceling this plan and permanently removing all tokens from circulation.
Ongoing Discussions About the Team’s Token Burn
In his proposal aimed at gaining community trust, John Mullin stated his intention to burn all tokens allocated for the team. Mullin emphasized that the decision would be made entirely through community voting, indicating that this proposal could represent a turning point for the project’s long-term sustainability. He clearly expressed his position by stating, “The team token allocation starts in 2027. I plan to burn all my team tokens.”
However, this approach has led to disagreements within the community. Some users believe it would enhance project transparency and rebuild investor confidence. Others argue that the long-term motivation of the team could be negatively affected. Ran Neuner commented, “We want high-motivated teams. The burn move will be harmful in the long run,” while another user, Bonnke4life, expressed concerns by saying, “JP should not burn the token allocation immediately. Community benefits should be targeted, but the team should not be harmed.”
New Price Targets for OM Are Emerging
As of this writing, the OM token is trading at $0.78 and has a market cap of $761 million. Technical analyses indicate that price movements are showing positive signals. Cryptocurrency analyst Dom’s Crypto highlighted patterns forming on the 30-minute chart, predicting that if the price surpasses $1.20, it could rise to $3.50.
The sudden price increase is not solely linked to the token burn discussions. CEO Mullin announced plans to restore stability by activating a $109 million Mantra Ecosystem Fund following the price crash on April 13. This fund is expected to intervene in the market through controlled token burns and structured buyback operations.
The Mantra team has strongly denied claims of insider trading and accusations of central control over supply. It was stated that the price drop primarily stemmed from sudden liquidations across exchanges and changes in tokenomics implemented last October.
